After so much anticipation, Elon Musk walked on stage at the LA Design Studio in Hawthorne, California, and introduced Tesla’s newest addition to its lineup, the Model Y. Fortunately, Model Y looks to share much commonality with Model 3, which could translate to a production ramp that moves more rapidly than prior new cars introduced by Tesla.

So, what did we learn last night? According to The Verge, “The cheaper, standard range version with a range of 230 miles won’t be available until 2021, Musk said, and will sell for $39,000 … [whereas] the long-range version will travel 300 miles on single charge, and will sell for $47,000, while the $60,000 performance version will be capable of sprinting from 0 to 60 mph in 3.5 seconds.” Higher spec versions of the Model Y are slated for deliveries in the fall of 2020.

The Verge reports, “The Model Y will have a panoramic sunroof and 66 cubic feet of cargo space. … Roomier than a Model 3 but not as imposing as a Model X, the Model Y can seat seven, as demonstrated during the event Thursday evening at Tesla’s design studio outside Los Angeles.”

Musk also said progress was being made on the company’s Autopilot functionality. In reference to Model Y’s ability to execute self-driving functionality, Musk notes, “The cool thing is, it’s ‘feature complete’ … it will be able to do basically anything just with software upgrades.”

Can Tesla attract a new market segment with Model Y? Jessica Caldwell at Edmunds says, “Tesla has the right foundation for the Model Y to be a turning point: Tesla has the youngest buyer base of any luxury brand, and the Model X has more female buyers than any other vehicle in the brand’s lineup. If the Model Y is priced right, offers a roomy interior, and delivers flawless safety and quality, it has the potential to be the ‘it’ vehicle for young families.”

First Ride: Model Y

Note: CleanTechnica has much exclusive content from the Model Y reveal coming soon.